Insurance News

Health Insurance Options for Entrepreneurs

2009-06-03T00:25:00.002-07:00

Posted by By Monikah Ogando on: 2005-07-28 20:56:58

One of the most important benefits employed people enjoy is health insurance coverage. It is also the single most costly expense for self-employed entrepreneurs. So what can you do to reduce ever increasing costs of health care coverage? Here are a few tips.

1. If a medical bill seems excessive, try negotiating

Your doctor or the office manager who handles billing will probably be flexible, provided you make a valid case. When one woman in Texas was charged $900 for surgery and “consultation,” she explained that she had visited the hospital just once, for surgery; her bill was promptly cut by $370.

2. Contact a medical bill “auditor”

Several services have a medical bill “auditing” system that evaluates your medical bills to determine if errors occurred in the billing process. Considering that 97 percent of hospital medical bills contain errors, it’s no wonder why out-of-pocket medical expenses are on the rise for consumers. Because the typical hospital bill is extremely complicated, often containing several hundred line-item charges, there is ample opportunity for computer mistakes and accidental human error. Do a Google search for medical bill auditors to find companies offering this service.

3. You may get a tax break on your medical bills

Keep all your medical bills together and add them up at tax time. If they exceed 7.5 percent of your adjusted gross income, you may deduct the excess. Please note that these items also may be included in the total: the cost of eye glasses, contact lenses, physical therapy, x-rays, hearing aids, psychiatric care, insurance and transportation to the hospital or doctor’s office (at 30 cents a mile). There are phase-outs in some cases based on adjusted gross income. Check with your professional tax adviser.

4. Deduct 100% of your healthcare costs from your taxes

The IRS allows all self-employed to deduct 100% of health care costs from their taxes by using Section 105 of the Internal Revenue Code. To receive this deduction, you must do the following:

a) Hire your spouse as an employee of your business.

b) Have your spouse receive health insurance in his or her name, and include the family on the policy.

c) Pay your spouse a salary that will cover the costs of the insurance.

d) Talk to your tax professional about planning for Section 105 on your taxes.

We all know your spouse is active in your business. Now, you can equally recognize their contribution he or she makes – and get Uncle Sam to give you a tax break.

5. Help for families with kids -- CHIP

All states have established new programs that help lower income families with children to pay for health insurance for their kids. Financed partly by the federal government, the Children’s Health Insurance Programs (CHIP) operate either as an expansion of the state’s Medicaid program or a subsidy for basic private health insurance. Eligible families may be able to access coverage for their children at greatly reduced premiums which will vary depending upon family income. Contact your state Department of Health or Insurance for more information.

6. Shop around

Hospital costs vary widely, especially between urban and rural facilities. If your doctor has admitting privileges at more than one hospital, find out if you can be admitted to the one that’s less expensive. Keep in mind that hospitals operated by non-profit foundations are usually less expensive than investor-owned, for profit hospitals. To find out how much your local hospitals charge, ask your doctor. Many states have Health Services Cost Review Commissions, which compile such data.

7. Check for free clinics in your community

You and your entire family can save hundreds of dollars by taking advantage of the many free screenings, immunizations, and other health clinics offered by your local community or a town near you. Numerous community hospitals and social services can provide blood pressure checks, shots for your children, free contraceptives and/or advice, and other preventative health care at little to no cost.

8. Get a second opinion out of town

Believe it or not, your chance of undergoing an expensive surgery or preventative procedure may depend solely on where you happen to live. Statistics show that the frequency in which certain medical procedures are performed varies widely from location to location. For example, residents of New Haven, Conn., are twice as likely to undergo a coronary bypass operation as residents of Boston, Mass. What’s the reason for this discrepancy? One Dartmouth Medical School expert, John E. Wennberg, M.D., M.H.P., explains that certain operations are simply more fashionable in some parts of the United States than others. So, if you plan to get a second opinion prior to surgery, consider going to a specialist in another city. In addition, try to find out what the surgery rates for your procedure are in different cities. HealthAllies.com also offers this service online at www.healthallies.com. To get the names of second-opinion doctors in your region, call the U.S. government’s toll-free second-opinion hotline at 1-800-638-6833.

9. Don’t pay double for a second opinion

As you make arrangements for a second opinion, ask your doctor to send copies of your medical records, x-rays, and lab tests to the second-opinion doctor. These tests don’t need duplication; your second doctor will have the information he or she needs – and you don’t pay double.

10. Emotional stability

Your mental health is equally important as your physical health. Do you have blue days once in awhile, or struggle with gray winters? St. John’s Wort, an over-the-counter herbal supplement, has been proven to increase positive moods. Before rushing to your family physician for medication to make you feel better, try supplements with a combination of expressing your feelings with friends and a healthy lifestyle. Mood stabilizers are some of the most costly medications on the market today. However, you should be aware of the signs of stress or even depression. Give yourself a simple screening test:

Do you have feelings of sadness and/or irritability?

Has there been a loss of interest in pleasure activities you once enjoyed?

Have there been changes in your weight or appetite?

Have you noticed changes in your sleeping pattern? Are you feeling guilty?

Do you have the inability to concentrate, remember things or make decisions?

Are you fatigued or have a loss of energy?

Do you experience restlessness or decreased activity noticed by others?

Do you have feelings of hopelessness or worthlessness?

Do you have thoughts of suicide or death?

If you answer “yes” to any of these questions, consider consulting your family physician. If they recommend mental health treatment, it is more cost-effective to have your family physician prescribe mood stabilizers instead of seeing a psychiatrist. However, follow your doctor’s instructions on counseling and referrals to mental health professionals.

11. Order your prescription drugs by phone, web or mail

There are many discount prescription drug benefits available for a modest cost. Communicating for Agriculture and the Self-Employed offers a free prescription card through PCS. This program saves its members up to 40 percent at over 55,000 pharmacies nationwide. On average, CA members save $9.39 per prescription order. You can enroll free on their Web site at www.selfemployedcountry.org.

12. Ask your doctor to prescribe generic drugs

Medicine marketed under its scientific name is usually 50 percent cheaper and just as effective as brand-name versions. In addition, look for generic drugs in the medicine you purchase over the counter. For example, 100 generic aspirin may cost $1.79; the same ingredients packaged under a well-known brand name can cost more than $5 for 100 tablets. Consider, also, just how important the new easy-to-swallow products are to your comfort. The lesser price of some medicines may be comparably easier to swallow when thinking about your budget.

13. Get enrolled in a group plan

For self employed people including those involved in small businesses, individual health insurance can be extremely costly – sometimes as much as 30 percent of your take home pay. By joining associations like National Association for the Self Employed (www.nase.org), you have the opportunity to enroll in a group insurance plan with unique built-in cost controls.

14. Choose a higher deductible

Often for the healthy family, the number of visits to the doctor totals less than $250 a year, a normally low deductible rate. This low deduction rate, however, can end up costing you more in the form of higher premiums. If your family has enjoyed good health for a number of years, you may want to switch to a higher deductible of $500 or $1000. You’ll notice greatly reduced premiums.

15. Pay premiums annually

You avoid the service fee and may also receive a discount from your insurance carrier. Check with your insurance agent about how much money you can save if you pay your premium one time during the year.

16. Make sure there’s a ceiling for out-of-pocket expenses for catastrophic illnesses

About half of individual policyholders lack this important provision, according to insurance experts, who recommend a major medical policy with a stop-loss clause limiting policyholder payout to $2,000 or $3,000.

17. Get educated about your health

Invest in your health by becoming information-rich. Read publications about health care. Pay special attention to free wellness publications like Inside Mayo Clinic at www.mayo.edu/healthinfo/public.html or have on hand a book on medical self-care, like The AAFP Family Health and Medical Guide and The Merck Manual of Diagnosis and Therapy. A wealth of information is also available on the Internet.

18. Take advantage of free health advice

For free information booklets from the U.S. government about nearly every health care topic you can imagine, simply write to the Consumer Information Center in Pueblo, Colorado. The government offers several dozen booklets on topics ranging from nutrition, medical problems, mental health, to drugs, exercise and weight control. To receive a catalog explaining these booklets, write to:

Consumer Information Center
PO Box 100
Pueblo, CO 81009
www.pueblo.gsa.gov (you can download booklets from this site)

Once again the U.S. Government comes through by providing a number of toll free health care information phone services. Topics are numerous, including hearing aids, cancer information, Alzheimer’s disease, drugs and pregnancy issues. For information on the health topics and phone numbers, call the National Health Information Center at 1-800-336-4797.

19. Brush up on first-aid skills and become CPR certified.

Proper treatment of various accidents may reduce the number of visits to the doctor, and can save lives in an emergency. It’s important to always keep an updated medical kit in your home or office.

Here are the basics for your first-aid kit:

bandage supplies, including a roll of 3 inch wide gauze, individually packaged 4 inch sterile gauze pads, a roll of 1 inch bandage tape, butterfly bandage tape, and scissors elastic bandages cotton swabs sterile dressings or towels pain reliever (acetaminophen or ibuprofen) anti-inflammatory medicine (ibuprofen) ipecac syrup (for use on advice of medical professional to induce vomiting) tweezers hydrogen peroxide skin creams, including hydrocortisone cream, calamine lotion and antibiotic creams an antihistamine (diphenhydramine for allergic reactions) flashlight eye patch arm sling tongue depressors (to be used as a finger splint) ice pack re-hydration fluids (such as Pedialyte or Infalyte)

20. Take a lifestyle approach to wellness – every day

Take charge of your health by making simple changes in your lifestyle. By following these seven basic rules of good health, you’ll improve your chances of living a long, healthy, active life.

Get eight hours of sleep per night.

Eat breakfast every morning.

Cut down on snacks between meals.

Keep within 10 pounds of your recommended weight range. If you’re unsure what your weight range should be check with your doctor.

Exercise aerobically for at least 30 minutes three times per week.

Don’t smoke.

Don’t drink more than two alcoholic beverages per day.

Take recommended dosages of vitamins and supplements.

Monikah Ogando is a highly skilled facilitator and charismatic speaker. She continues to inspire her audience through her expertise in Business Development, leadership effectiveness, individual accountability and the values that guide excellence.

She practices what she speaks: an entrepreneur, Monikah leads her own two companies, consulting firm Ogando Associates and Exodus House Publishers and is a Team Member of Solo-E.com.

Individual or Family Health Insurance Options

2009-06-03T00:25:00.001-07:00

Posted by Search EzineArticles.com on: 2005-08-07 18:11:24

As more and more individuals working at home with or without families find themselves without some kind of group health insurance. Sometimes even working at a job, no health insurance is even offered.

Thousands of hard-working people in every state are making dangerous choices: No health insurance at all! They believe they are too young or too healthy. They believe they “save a little or a lot of money” and can do without.

Consider your friends, family and neighbors – people who may have been sick or injured. The fact is, even healthy people may end up with a serious medical condition that can be extremely costly to treat.

Now you can consider how much of a terrible ordeal would be without some kind of quality health insurance to pay for thousands of dollars in doctor fees or hospital bills!

When you really think of it and ask yourself this question … “Can I afford health insurance?” and more importantly: “Can I afford to be without it?”

You have to determine whether you are young if I really need the insurance. There are other types of insurance that gives you a discount on all your doctor and hospital bills.

Health insurance is not cheap but if you are over 35 years old, you probably should rethink whether you need individual or family health insurance coverage or is the discounted health insurance really right for you. One illness can put you in debt.

If you are an individual you might pay $400 getting the insurance privately but if you have a family you may pay $700+ each month just for an HMO. Can you afford that? Otherwise try and consider getting a job that pays for some of the insurance even if the salary is slightly less.

Insurance rates have gone sky high and it looks like there is no end to it. Just one incident can devastate your whole life savings.

If you are a single parent with a child, you will wind up paying the family rate which is unfair. If you are a college student, check with a college to see what their health insurance may cover. Otherwise, there are insurance companies that offer health insurance for college students.

This is not legal advice or any type of advice for you to get insurance or not. You need to research whether or not you can afford to be with or without the insurance.

Fern Kuhn, RN
http://www.anxietydisorernews.info
http://www.diabetestestingcenter.com

Car and Home Insurance Northern Ireland

2009-06-03T00:24:00.000-07:00

Posted by Search EzineArticles.com on: 2005-08-07 18:12:35

Don’t skimp on insurance. This probably doesn’t sound like a way to save money. But keep in mind the purpose of insurance is to transfer to an insurance company the financial risk you can’t afford to carry yourself. Without formal insurance, you are de facto self-insuring - meaning you’ll pay out of your own pocket in the event of a financial disaster such as loss of a home or a serious illness.

For example, many renters don’t own renter’s insurance, which covers the loss of their personal property (no, the landlord’s insurance doesn’t cover it). Renter’s insurance is very affordable, yet how many times do you read about people who lose everything in an apartment fire and have no insurance?

Buy the insurance you need. Carefully review your insurance needs with your financial adviser. Car, medical and home insurance are probably obvious. But do you have disability insurance in case you lose income due to an illness or injury? Many financial planners recommend clients buy long-term care insurance no later than their late 50s or early 60s to cover the high cost of potential long-term care. Do you have liability coverage beyond standard auto and home insurance in the event you are sued?

Watch out for gaps. People with multiple properties in multiple states, for example, often use multiple insurance agents for their property and casualty coverage, and can easily end up with expensive duplicated coverage - or worse, no coverage at all for some property because it was overlooked or because a policy expired. You may need "riders" or "floaters" to provide extra coverage for such things as jewelry or antiques whose value is limited under the standard policy.

And don’t buy what you don’t need. You’ll probably need life insurance, but not necessarily. Life insurance generally is for people whose death will have a significant financial impact on others - a spouse, children, dependent parents, heirs who might face a hefty estate tax bill. You may not need it if you are young and single. And as you age, you may need coverage for only a limited time or for a smaller amount.

You also probably don’t need to spend pounds on insurance for flights, pets, specific diseases, loans and car rentals. Buy the right amount of insurance. While people sometimes buy too much of a particular insurance, more often they are underinsured.

A good example where this is common is life insurance. People frequently base their decision on premium costs, not what death benefits they need. The better approach is to first calculate how much money you will need to replace future lost income necessary for your dependents. Then look at insurance options. Some people might be able to afford to buy adequate death benefits through a whole life policy, which has an investment component. But many others would be better off spending their limited insurance pounds on term life, which has no investment component and which allows you to buy more death benefit coverage for each premium pound.

Shop around. Costs vary significantly among carriers, so carefully compare for like coverage and features. But don’t buy on price alone. You’ll want to have a carrier that’s financially sound so that it’s there if you need the benefits.

Consider multiple policies with a single carrier. You often can get a better deal buying multiple policies through a single carrier, such as car, home, and liability. But not all carriers are strong in all lines. They might be good for property and casualty but not life and health, so be sure any savings are worth it.

Help yourself. Staying healthy, putting smoke alarms and security systems in your house, and having a good driving record can keep premiums down.

Increase deductibles and avoid small claims. Choosing larger deductibles will reduce your premium costs (self-insure the deductible through an emergency fund). They also reduce small claims, which have become a sore spot in insurance because companies are increasingly raising premiums or even dropping customers who make multiple small (and large) claims.

George McGonigal
Northern Ireland Insurance Centre

George is webmaster of an online insurance resource for Northern Ireland motorists and homeowners. We bring under one roof insurers who cover Northern Ireland that can offer online quotations to allow our visitors to compare rates in the comfort of their own homes. Car, Motor and Home Insurance Northern Ireland: Competitive insurance quotes online.

Types of Homeowner Insurance

2009-06-03T00:23:00.002-07:00

Posted by Search EzineArticles.com on: 2005-08-14 16:35:15

There are 6 different types of homeowners insurance in general that are consistently utilized. Of these HO-3 is the most usual policy then it is followed by HO-4 and HO-6. Others less used, but still important, are HO-1, HO-2 and HO-5. Everyone is described below:

HO-1

A limited policy that offers varied degrees of coverage but includes items that are specifically included in the policy. These may be used to include a valuable object in the home, such a painting or certain types of jewelry.

HO-2

Similar to HO-1, HO-2 is a limited policy in that it will cover only specific portions of a home against damage. The coverage is ordinarily a "named perils" policy, which lists the cases that would be covered. As above, these factors must be spelled come in the policy.

HO-3

This policy is the most common one written for a owner and is designed to cover all aspects of the home, its structure and it contents. Also includes any liability that will arise from daily living. This includes visitors in the home that might encounter an accident or even injury on the premises. Covered aspects of liability must be clearly spelled out in the policy to insure proper coverage. The coverage is ordinarily called "all risk".

HO-4

This is unremarkably referred to as renter's insurance. Similar to HO-6, this policy covers those aspects of the living accommodations and its contents not specifically covered in the blanket policy written for the renter's complex. This policy can, as well, cover liabilities arising from accidents and injuries for guests and passers-by up to 150' of the renter's complex.

Extremely low in cost and high in coverage, this is an extremely recommended policy for anyone renting an apartment

HO-5

This policy, similar to HO-3, covers a home (not a dwelling or even apartment), the owner and its possessions. Liability that might arise from visitors or even passers-by. This coverage is differentiated therein it covers a wider scope and depth of incidents and losses than AN HO-3.

HO-6

As a form of supplemental homeowner's insurance, HO-6, a.k.a. a Condominium Coverage, is designed especially for the owners of condos. It includes coverage for the share of the building closely-held per insured and for the property housed in that of the insured.

Designed to span the gap between what the homeowner's association can cover in a blanket policy written for associate entire neighborhood and those things of importance to the insured. Occasionally the HO-6 covers liability for residents and guests on their private property. The liability coverage, contingent to the underwriter, premium paid, and more factors of the policy, can cover incidents up to 150' from the insured property, all valuables in the home from theft, fire or even water damage or even more forms of loss.

It's significant to read the Associations By-laws to determine the aggregate amount of insurance needful on your lodging.

Extremely low in cost and high in coverage, this is a extremely recommend policy for anyone owning a condo.

Fern Kuhn, RN Specializing in Diabetes

http://www.diabetestestingcenter.com

http://www.homeinsurancehelp.info

http://www.healthinsurancecenter.info

The Life Insurance Policy And What You Need To Know Before You Buy

2009-06-03T00:23:00.001-07:00

Posted by Don Adams on: 2005-08-21 15:05:10

Are you looking to buy a life insurance policy? Well, be careful. Life insurance can be difficult to understand and it's easy to be conned into buying something under false pretenses.

Recently a prominent life insurance company together with several of its agents paid a huge fine because it permitted the sale of a life insurance policy disguised as a retirement plan. There was little attention given to what a life insurance policy is truly designed to provide.

Life insurance is not an investment for your benefit. It's guaranteed income tax-free cash paid to someone you designate in the event of your death. If you deeply care for someone and want to protect them, then buying a life insurance policy makes sense.

As primary bread winner in your family, your lost income could jeopardize the ability of those you love to continue to enjoy their standard of living.

The only way to guarantee an immediate replacement of this money is with the intelligent purchase of a life insurance policy.

Notice I didn't say term life insurance, low cost life insurance, or whole life insurance.

To your loved ones ... this doesn't really matter.

Over the years I've delivered millions of dollars of life insurance benefit to the families of deceased bread winners. And you know what?

No one ever asked me what type of life insurance policy it was. They were just extremely grateful to get the money.

Term is the cheapest, but it's unlikely the death benefit will be paid since the life insurance policy will probably lapse before you actually die. Right now the premium may seem cheap compared with other types. But what happens when you're older?

Term life insurance premiums can be level for a specific number of years, but when that number of years is up the price will skyrocket to a point you won't be able or willing to pay.

Whole life insurance provides a lifetime level premium until the policy is literally paid-up. This could be 10, 20 years ... or when you reach age 65, 85 or 100. One big advantage is you don't have to worry about your policy expiring before you do.

One type of life insurance policy is not necessarily better than another. But it's critical you understand what you are buying, how it works and your net cost.

After all, if the policy isn't in force when you die you have thrown your premium dollars right down a rat hole.

By the way, don't fall for that line about buy term and invest the difference. Anyone who cons you with this bunch of malarkey has absolutely no idea how to intelligently evaluate the purchase of life insurance.

An excellent life insurance policy to consider is universal life. This is the type of policy that guarantees the death benefit up to age 115 regardless of the performance of the underlying investment.

Although more expensive then term life insurance, universal life is far less costly than a typical whole life insurance policy. But be careful because some universal life policies are sold by focusing on projected interest rates rather than contractual guarantees.

If you are considering the purchase of a whole life insurance policy from a mutual company that declares annual dividends, ask the agent for a hypothetical illustration using a dividend forecast at least one percent less the current rate.

In the past when long-term interest rates were higher, mutual companies credited very handsome dividends to their policies. But today with long-term rates still depressed, it's unlikely a life insurance policy will perform as illustrated.

In summary, pay close attention to the guarantees of whatever life insurance policy you decide to buy. Also, make sure you know the credit rating of the life insurance company.

There is nothing wrong with term life insurance, but understand your options about converting to a permanent plan. This could be critical if you become uninsurable before the policy expires.

Remember, you may never get a second chance to make the right decision.

About the Author

Don Adams is a 24 year veteran financial consultant who provides easy to understand personal finance advice on a wide variety of money matters.

An Introduction to UK Home Insurance

2009-06-03T00:22:00.001-07:00

Posted by By George McGonigal on: 2005-07-25 23:42:42

Unlike motor cover, home insurance is not a legal requirement in the UK. It is, however, a vital precaution against unforeseen bills caused by incidents such as natural disasters or break-ins. It is a false economy to avoid home insurance premiums in order to save cash in the short-term because in case of misfortune you will be left without a leg to stand on and could be faced with some of the heftiest bills you will ever come across in your life. Whether you own your house / home outright or are still paying off your mortgage, the house you own probably represents the biggest investment in your life and one of the most important factors in maintaining your well-being. Everyone wants a roof over their head to have peace of mind free from worries about their house!

If you have a mortgage then your lender will usually insist that your property is covered by full buildings insurance. This is to protect themselves, as if your house were completely destroyed they would need to know that you had the means to finance its repair. Also, a homeless borrower will hardly inspire confidence in a company expecting regular mortgage repayments.

Sometimes people assume that they have to stick with the insurance that they have taken out with their mortgage provider. Unless you took advantage of a special mortgage deal where you agreed to buy their home insurance then you are free to use independent insurers for your house protection. You might be encouraged to take out cover through your mortgage broker, as it is simpler for them. However, you are not obliged to do this by law, so it is well worth looking around for the best deal for your needs and making sure that you obtain the right cover at the right price.

George McGonigal
George is webmaster of online insurance resourcs for UK homeowners and motorists. We bring under one roof insurers who offer online quotations to allow our visitors to compare rates in the comfort of their own homes. Why not visit Home Insurance Scotland: Competitive insurance quotes online. Home Insurance UK: Competitive insurance quotes online for Great Britain.